Smart financial consultants will advise you that midway through any year you should take a look at your financial position to see where you are going and where you have been. This year it is especially important given the financial position that our economy is in right now.
With interest rates going up as of July 1st, adjustable-rate mortgages, home equity loans, as well as credit cards will be affected – as will the consumers of these products. It is best to take a look at your finances in order to be prepared for the upcoming months.
Make a budget, see what your income and expenses are and adjust accordingly. If you are bringing in less than you are spending, you are headed for trouble. Use these figures to project where you see yourself in the second half of the year – and, if possible, use them to begin or add to a savings and/or investment account. ■
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